UPDATE: Global Hunter Securities Upgrades Harvest Natural Resources to Buy on Expected Deal Completion
Global Hunter Securities raised its rating on Harvest Natural Resources (NYSE: HNR) from Accumulate to Buy while reiterating its price target at $11.50 a share.
Global Hunter Securities noted, "With oil production up 19% and PdVSA adding rigs, the Petrodelta assets are becoming pretty attractive to Pertamina, their hopeful buyer. Meanwhile, HNR is turning its attention to Gabon, with a firm well planned for Q4 and a string of prospects that could lead to the start of a development in 2013. We have revised our 2013 EPS estimates up on higher Petrodelta production forecasts (although we think by 2013 those assets will be Pertamina's anyway), and we are raising our rating of HNR to Buy from Accumulate, with an unchanged $11.50 price target, which represents 85% of the potential deal value plus Q2 working capital."
Harvest Natural Resources closed at $8.93 on Thursday.
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Tags: Global Hunter Securities